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Hyperliquid co-founder Jeff explains the operation mechanism of the HLP protocol vault.
Gate.io According to Wu Shu, Jeff, co-founder of Hyperliquid, explained how the HLP protocol vault works. HLP, Hyperliquid's first-of-its-kind license-free vault, has returned $60 million in profits to depositors with no deposit fees.
Jeff pointed out that, unlike the profit-making model of the market-making department within centralized exchanges, HLP mainly undertakes two functions: market-making and backup clearing. In terms of market-making, HLP adopts a passive strategy, with a trading volume share of less than 2%. In terms of backup clearing, HLP is responsible for taking over positions that cannot be cleared in the market.
Jeff also clarified that the claims regarding the platform's solvency risk are not true, but admitted that there is a risk exposure of manipulation in HLP.